By Pension and Benefits Editorial Staff
The IRS has updated the applicable percentage table used to calculate an individual’s premium tax credit and required contribution percentage for plan years beginning after 2020. The percentage is used to determine whether an individual is eligible for affordable employer-sponsored minimum essential coverage; the percentage is used to determine whether an individual is eligible for an exemption from the individual shared responsibility payment because of a lack of affordable minimum essential coverage.
For plan years beginning in 2020, the required contribution percentage under Code Sec. 36B is 9.78 percent.
SOURCE: Rev. Proc. 2019-29.
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